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Some insurance companies also allow life insurance holders to convert the value of a policy to a long-term care policy, but this varies by carrier.
In others, they pilfer funds from the cash value of a policy or surrender a policy and keep the proceeds.
The value of a policy is the sum of rewards obtained from execution of actions described in the policy.
Taken in context, the clear meaning of this provision is that the insurance commissioner would be able to consider changes in the value of a policy when judging whether a premium is excessive.
You seem to imply that in the absence of discounting, the value of a policy depends only on the initial and final states regardless of its trajectory.
Crucially, the value of a policy can be re-written as (5) Q (π | s t ) = H [ P (s T | s t, π ) ] + ∑ s T P (s T | s t, π ) ⋅ u (s T | m ) This equation shows that the value of a policy can be decomposed into entropy and expected utility terms.
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In our setting, (2) will be used to assess the value of a given policy, and compare it to other policies.
This generic procedure, referred to as Least-Squares Dynamic Programming (LSDP), combines an approximation of the value of a sampling policy based on a linear regression, the construction of a batch of MRF realizations and a backwards induction algorithm.
In other words, in the absence of discounting, the rewarding value of a behavioral policy that changes the internal state only depends on the initial and final internal states, regardless of its trajectory in the homeostatic space.
Regulators say that the unit charged higher premiums for blacks than for whites and that it sometimes collected more in premiums than the face value of a life insurance policy.
(You can even more creative with collateral–I once pledged the cash value of a life insurance policy to raise money).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com